Raynor unshaken after RSM Tenon's share price dive
RSM Tenon chief executive Andy Raynor says the business is in good shape, despite share price drop.
THE SHARP DROP in RSM Tenon’s share price has not shaken its chief executive’s belief in the business.
RSM Tenon’s share price fell to 9.4p on Tuesday, from 14p, after warning that tough trading would impact on its net cash outflows.
Andy Raynor said that while ‘you can’t say you don’t care about the share price’, he was very confident in the listed firm’s fundamental strategy and structure.
Further efficiencies and value would be driven out of recent acquisitions.
“We’re confident that as the business comes together, we’ll be able to access markets like we haven’t been able to before,” Raynor told Accountancy Age.
“We’ll do more of the stuff we’ve done in the past. We’ve got great ideas about how to be more efficient, and promote from within. There are no substantial initiatives in place [to drive further change].
Raynor admitted that share price fluctuations disturbed his staff, but had no effect on the firm’s day-to-day business.
“Staff don’t like it, and they ask about it…but there’s no financial impact on us. There are no concerns that the price reflects how we can look after them.”
While suggesting he didn’t agree with the current share price valuation, he added: “People must make their own investment decisions.”
RSM Tenon is among the best performing firms when comparing financials, he added. Raynor also “saluted the markets” for enabling RSM Tenon’s huge growth over the past ten years.
The firm was trading at 9.1p in this morning’s trading, valuing the business at £29.35m by market capitalisation.
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